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Professor René Stulz

Everett D. Reese Chair of Banking and Monetary Economics
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René Stulz, Everett D. Reese Chair of Banking and Monetary Economics, The Ohio State University
ECGI Fellow (2005) :

René M. Stulz is the Everett D. Reese Chair of Banking and Monetary Economics and the Director of the Dice Center for Research in Financial Economics at the Ohio State University. He has also taught at the Massachusetts Institute of Technology, the University of Chicago, and the University of Rochester. He received his Ph.D. from the Massachusetts Institute of Technology. He was awarded a Marvin Bower Fellowship from the Harvard Business School, a Doctorat Honoris Causa from the University of Neuchâtel, and the 1999 Eastern Finance Association Distinguished Scholar Award. In 2004, the magazine Treasury and Risk Management named him one of the 100 most influential people in finance. He is the current president of the American Finance Association, a past president of the Western Finance Association, and a fellow of the Financial Management Association.

René M. Stulz was the editor of the Journal of Finance, the leading academic publication in the field of finance, for twelve years. He is on the editorial board of more than ten academic and practitioner journals. Further, he is a member of the Asset Pricing and Corporate Finance Programs of the National Bureau of Economic Research.

He has published more than sixty papers in finance and economics journals, including the Journal of Political Economy, the Journal of Financial Economics, the Journal of Finance, and the Review of Financial Studies. His published research deals with topics such as the valuation discount of conglomerates, the benefits and costs of leverage, spinoffs and asset sales, the determinants of liquid asset holdings of firms, secured debt, bank loans, the pricing of exotic options, credit risks, the cost of capital, managerial ownership, the market for corporate control, corporate governance, the performance of firms issuing debt and equity, the determinants of firm capital structures and liquid asset holdings, the use of derivatives in risk management, capital flows, and financial globalization. He is the author of a textbook titled Risk Management and Derivatives and a co-author of the Handbook of the Economics of Finance.

René M. Stulz has taught in executive development programs in the U.S., Europe, and Asia. He has consulted for major corporations, the New York Stock Exchange, and the World Bank. He is a director of several companies, the president of the Gamma Foundation, and a trustee of the Global Association of Risk Professionals. Finally, he has worked with some of the country’s most prominent law firms on issues such as the Procter and Gamble derivatives losses, internet IPOs, and the bankruptcy of Enron.

ECGI Working Papers (Click title for more details)
What is the Shareholder Wealth Impact of Target CEO Retention in Private Equity Deals? ECGI Finance Working Paper 510/2017 June 2017
Is the U.S. Public Corporation in Trouble? ECGI Finance Working Paper 495/2017 May 2017
Why Don’t All Banks Practice Regulatory Arbitrage? Evidence from Usage of Trust Preferred Securities ECGI Finance Working Paper 457/2015 December 2015
The U.S. Listing Gap ECGI Finance Working Paper 451/2015 May 2015
Governance, Risk Management, and Risk-Taking in Banks ECGI Finance Working Paper 427/2014 June 2014
Limited managerial attention and corporate aging ECGI Finance Working Paper 381/2013 September 2013
Why High Leverage is Optimal for Banks ECGI Finance Working Paper 356/2013 May 2013
Multinationals and the High Cash Holdings Puzzle ECGI Finance Working Paper 334/2012 July 2012
Corporate Acquisitions, Diversification, and the Firm's Lifecycle ECGI Finance Working Paper 317/2011 September 2011
Why did U.S. banks invest in highly-rated securitization tranches? ECGI Finance Working Paper 313/2011 July 2011
The U.S. Left Behind: The Rise of IPO Activity Around the World ECGI Finance Working Paper 303/2011 March 2011
Do independent director departures predict future bad events? ECGI Finance Working Paper 281/2010 December 2015
Credit Default Swaps and the Credit Crisis ECGI Finance Working Paper 264/2009 December 2009
Bank CEO Incentives and the Credit Crisis ECGI Finance Working Paper 256/2009 July 2009 Presented at the EU Presidency Conference 'The Governance and Regulation of Financial Institutions: Lessons from the Crisis' in Madrid 16th June 2010
Why Did Some Banks Perform Better during the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation ECGI Finance Working Paper 254/2009 July 2009
When are Analyst Recommendation Changes Influential? ECGI Finance Working Paper 251/2009 May 2009
Why do foreign firms have less idiosyncratic risk than U.S. firms? ECGI Finance Working Paper 246/2009 May 2009
Why do foreign firms leave U.S. equity markets? ECGI Finance Working Paper 244/2009 May 2009
Do target CEOs sell out their shareholders to keep their job in a merger? ECGI Finance Working Paper 236/2009 January 2009
Securities Laws, Disclosure, and National Capital Markets in the Age of Financial Globalization ECGI Finance Working Paper 217/2008 July 2008
Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences ECGI Finance Working Paper 184/2007 July 2007
Managerial Ownership Dynamics and Firm Value ECGI Finance Working Paper 182/2007 June 2007
Has New York become less competitive in global markets? Evaluating foreign listing choices over time ECGI Finance Working Paper 173/2007 June 2007
Why do private acquirers pay so little compared to public acquirers? ECGI Finance Working Paper 171/2007 June 2007
Do U.S. Firms Have the Best Corporate Governance? A Cross-Country Examination of the Relation between Corporate Governance and Shareholder Wealth ECGI Finance Working Paper 145/2007 January 2007
Securities Laws, Disclosure, and National Capital Markets in the Age of Financial Globalization ECGI Law Working Paper 112/2008 October 2005
Private Benefits of Control, Ownership, and the Cross-Listing Decision ECGI Finance Working Paper 077/2005 February 2005
The Limits of Financial Globalization ECGI Finance Working Paper 075/2005 March 2005
Why do countries matter so much for corporate governance? ECGI Finance Working Paper 050/2004 September 2004

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